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USDCHF’s bounce extended to 1.0639

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 28, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF’s bounce from 1.0394 extended to as high as 1.0639 level. Further rally is still possible later today and target is to test 1.0675 key resistance, a break of this level will indicate that the downtrend started from 1.1730 (Jun 1 high) had completed at 1.0394 already, then longer term target would be at 1.0900 area. However, as long as 1.0675 resistance holds, the price action in the trading range between 1.0394 and 1.0675 is treated as consolidation of downtrend, and another fall to 1.0300 is still possible.

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